Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.    Name of the issuer                2.    State whether the notification   
                                              related to (i) a transaction     
      Lancashire Holdings Limited             notified in accordance with DTR  
                                              3.1.2 R, (ii) a disclosure made  
                                              in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
                                              (i) and (ii)                     
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
      (1) Richard Brindle (Executive          director named in 3 and identify 
      Director)                               connected person                 
                                                                               
      (2) Simon Burton (Executive             N/A                              
      Director)                                                                
                                                                               
      (3) Neil McConachie (Executive                                           
      Director)                                                                
                                                                               
      (4) Greg Lunn (PDMR)                                                     
                                                                               
      (5) Alex Maloney (PDMR)                                                  
                                                                               
5.    Indicate whether the notification 6.    Description of shares (including 
      is in respect of a holding of the       class), debentures or derivatives
      person referred to in 3 or 4            or financial instruments relating
      above or in respect of a                to shares                        
      non-beneficial interest                                                  
                                              N/A                              
      N/A                                                                      
                                                                               
7.    Name of registered shareholder(s) 8.    State the nature of the          
      and, if more than one, the number       transaction                      
      of shares held by each of them                                           
                                              N/A                              
      N/A                                                                      
                                                                               
9.    Number of shares, debentures or   10.   Percentage of issued class       
      financial instruments relating to       acquired (treasury shares of the 
      shares acquired                         class should not be taken into   
                                              account when calculating         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
11.   Number of shares, debentures or   12.   Percentage of issued class       
      financial instruments relating to       disposed (treasury shares of the 
      shares disposed                         class should not be taken into   
                                              account when calculating         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                              N/A                              
      N/A                                                                      
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         N/A                              
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      (1) Richard Brindle (Executive                                           
      Director) - 536,926 (0.31%)                                              
                                                                               
      (2) Simon Burton (Executive                                              
      Director) - 180,000 (0.10%)                                              
                                                                               
      (3) Neil McConachie (Executive                                           
      Director) - 165,668 (0.10%)                                              
                                                                               
      (4) Greg Lunn (PDMR) - disclosure                                        
      not required.                                                            
                                                                               
      (5) Alex Maloney (PDMR) -                                                
      disclosure not required.                                                 

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes                                        
                                                                               
17.   Date of grant                     18.   Period during which or date on   
                                              which exercisable                
      5 November 2009                                                          
                                              In accordance with the Restricted
                                              Share Scheme adopted by the      
                                              shareholders on 4 January 2008   
                                              and the special conditions set by
                                              the Board, vesting will occur on 
                                              a date after 31 December 2011    
                                              when and to the extent that the  
                                              performance conditions have been 
                                              met in accordance with the Rules 
                                              of the Restricted Share Scheme.  
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
      Nil                                                                      
                                              Restricted Share Awards granted  
                                              over common shares of US$0.50    
                                              each under the Restricted Share  
                                              Scheme                           
                                                                               
                                              (1) Richard Brindle - 31,875     
                                                                               
                                              (2) Simon Burton - 9,313         
                                                                               
                                              (3) Neil McConachie - 9,938      
                                                                               
                                              (4) Greg Lunn - 6,750            
                                                                               
                                              (5) Alex Maloney - 6,375         
                                                                               
21.   Exercise price (if fixed at time  22.   Total number of shares or        
      of grant) or indication that            debentures over which options    
      price is to be fixed at the time        held following notification      
      of exercise                                                              
                                              Total number of Restricted Share 
      Nil                                     Awards granted under the         
                                              Restricted Share Scheme held     
                                              following notification:          
                                                                               
                                              (1) Richard Brindle -744,007     
                                                                               
                                              (2) Simon Burton - 234,070       
                                                                               
                                              (3) Neil McConachie - 232,599    
                                                                               
                                              (4) Greg Lunn - 132,599          
                                                                               
                                              (5) Alex Maloney - 167,931       
                                                                               
                                              Total number of options granted  
                                              under Long Term Incentive Plan   
                                              held following notification:     
                                                                               
                                              (1) Richard Brindle - 626,577    
                                                                               
                                              (2) Simon Burton - 800,000       
                                                                               
                                              (3) Neil McConachie - 458,348    
                                                                               
                                              (4) Greg Lunn - 181,771          
                                                                               
                                              (5) Alex Maloney - 307,087       
                                                                               
                                              Total number of time vesting     
                                              warrants held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 7,625,217  
                                                                               
                                              (2) Simon Burton - 559,182       
                                                                               
                                              (3) Neil McConachie - 770,870    
                                                                               
                                              (4) Greg Lunn - 317,717          
                                                                               
                                              (5) Alex Maloney - 397,147       
                                                                               
                                              Total number of performance      
                                              warrants held following          
                                              notification:                    
                                                                               
                                              (1) Richard Brindle - 1,556,032  
                                                                               
                                              (2) Simon Burton - 246,372       
                                                                               
                                              (3) Neil McConachie - 389,008    
                                                                               
                                              (4) Greg Lunn - 175,054          
                                                                               
                                              (5) Alex Maloney - 199,366       

23.   Any additional information        24.    Name of contact and telephone   
                                               number for queries              
      None                                                                     
                                               Greg Lunn [phone]       

Name of authorised official if issuer for making notification                  
                                                                               
Teresa de Freitas                                                              
                                                                               
Assistant Company Secretary                                                    
                                                                               
Date: 6 November 2009                                                          

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.1.4

 1. An issuer making a notification in respect of a transaction relating to the
    shares or debentures of the issuer should complete boxes 1 to 16, 23 and
    24.
   
 2. An issuer making a notification in respect of a derivative relating the
    shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and
    24.
   
 3. An issuer making a notification in respect of options granted to a director
    /person discharging managerial responsibilities should complete boxes 1 to
    3 and 17 to 24.
   
 4. An issuer making a notification in respect of a financial instrument
    relating to the shares of the issuer (other than a debenture) should
    complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.